The global food service equipment market is anticipated to reach US$62 billion by 2026, according to a new research published by Polaris Market Research.
In 2017, the cooking and food and beverage preparation equipment segments dominated the global market, in terms of revenue.
North America is expected to be the leading contributor to the global market revenue during the forecast period.
The significant increase in food establishments, and the growing hospitality industry are the major factors driving the growth of the market.
The changing lifestyles and increasing disposable incomes are leading to higher instances of dining at restaurants and living at hotels and resorts.
The growing demand for affordable and energy-efficient equipment supports the growth of the market.
Hotels and restaurants are increasingly adopting technologically advanced food service equipment for performing kitchen activities efficiently and offering enhanced services to consumers.
Restaurant businesses prefer compact and space-efficient equipment, which encourages market players to launch new products in the global market.
Increasing spending on the hospitality sector, and tourism activities encourage restaurant owners to improve their infrastructure and offer enhanced services.
Moreover, market is also driven by increasing need to use food service equipment that consume less energy and provide faster kitchen services.
Growing concerns regarding environment and increasing adoption of energy-efficient food service equipment are expected to offer numerous growth opportunities in the future.
However, high costs associated with food service equipment, and high installation prices restrict the growth of the food service equipment market.
The North America foodservice equipment market generated the highest revenue in the market in 2017, and is expected to lead the global market during the forecast period.
The high living standards along with high disposable income in the region drive the market growth.
Other factors supporting market growth in North America include growth in tourism industry, increasing awareness regarding energy-efficient equipment, and growing adoption of smart technologies.
The Asia-Pacific Food Service Equipment market is expected to grow at a significant rate during the forecast period owing to the increasing population and improving living standards.
The different end-users of food service equipment include hotels and clubs, full service restaurants, quick service restaurants, and others. In 2017, hotels and clubs accounted for the highest market share owing to increasing need to offer enhanced services to consumers.
Hotels and clubs are increasingly adopting technologically advanced food service equipment to meet high storage demands and to offer fresh and high quality food.
Food establishments are also inclined towards using energy-efficient service equipment owing to growing environmental concerns.
The leading companies profiled in the food service equipment market report include Dover Corporation, Haier Electronics Group Co., Ltd., Duke Manufacturing Co. Inc., Illinois Tool Works (ITW) Inc., Fujimak Corporation, Duke Manufacturing Co. Inc., Ali Group, Hoshizaki Corporation, Middleby Corporation, Manitowoc Company Inc, and AB Electrolux among others.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.